The current account deficit, seasonally adjusted, fell $6,249m (42%) to $8,510m in the March quarter 2013. There was a turnaround of $5,578m on the balance on goods and services, resulting in a surplus of $367m in the March quarter 2013. The primary income deficit fell $681m (7%) to $8,548m.

In seasonally adjusted chain volume terms, the surplus on goods and services rose $3,657m (84%) from $4,371m in the December quarter 2012 to $8,028m in the March quarter 2013. This is expected to contribute 1.0 percentage points to growth in the March quarter 2013 volume measure of GDP.

INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $877.1b at 31 March 2013, an increase of $12.8b on 31 December 2012. Australia's net foreign equity liability increased $6.5b to a liability position of $113.5b. Australia's net foreign debt liability increased $6.3b to a liability position of $763.6b.